The Ministry of Justice has announced a review into the discount rate for personal injury damages awards. Derek Cribb, Chief Executive of the IFoA, comments:
“The Institute and Faculty of Actuaries (IFoA) fully supports the Lord Chancellor’s announcement to review the discount rate for personal injury damages awards. Many of our members advise Insurance companies about appropriate reserves for personal injury claims. In particular, we appreciate the recognition that many factors will influence the setting of a suitable discount rate.
“Changing the discount rate will have an impact on those who must provide the compensation. However, the most important factor is ensuring that those who suffered personal injury, and in some cases life changing injury, receive suitable compensation for the injury sustained.”
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